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Home » Euro off fresh lows as dollar demand has waned

Euro off fresh lows as dollar demand has waned

EURJPY dipped to three-year lows around 115.50 earlier in the day but bounced afterward and turned green

by Joseph Deen
April 24, 2020 10:29
in Technical analysis
0
Euro struggles below three-month highs, yen demand persists

EURUSD 
EURUSD plunged to one-month lows around 1.0725 early in the day but managed to attract demand and turned positive. Now, the common currency is flirting with the 1.08 handle. As a result of a bounce, the daily RSI turned slightly upwards, suggesting the short-term downside risks may be abating now. However, it’s too early to call a bottom as the recovery momentum remains limited as long as the pair stays below the 1.10 barrier. To regain this level, the prices need to overcome the 50-DMA at 1.0950 first. On the downside, the initial support arrives at 1.0760.  

GBPUSD
GBPUSD continues its consolidation for the third day in a row on Friday. The pair has settled around 1.2350, remaining in a tight range for most of the week. Cable may need the additional catalyst to challenge the 1.24 handle in the near term while on the downside, 1.23 figure acts as the immediate support. Of note, the RSI in the short-term timeframes is pointing slightly north, suggesting there is some upside potential at this stage. In a wider picture, dynamics in the pair remains neutral, and it looks like the consolidation will persist in the near term.

USDJPY
USDJPY also stays in a limited range this week. The dollar is still capped by the 50-DMA that has declined slightly to 107.90 recently. On the short-term timeframes, the RSI is still unbiased while the 100- and 20-SMAs in the four-hour timeframes converge around the 108.00 psychological handle, suggesting the pair will likely struggle to make a decisive break above this level any time soon. In the weekly charts, the technical picture looks neutral-to-negative as long as the prices remain below the key moving averages, with the initial one coming around 108.85.

EURJPY
The cross dipped to three-year lows around 115.50 earlier in the day but bounced afterward and turned green. During the recovery, the euro regained the 116.00 handle but remained negative in the weekly charts. After the intraday recovery from fresh lows, the daily RSI reversed higher but it’s too early to bet on the further ascent as the bullish momentum looks too modest and unsustainable so far. To see more decent gains, EURJPY needs to get back above the 117.00 important resistance so that to retarget the 117.70 figure. On the downside, the immediate support now arrives around 115.90. 

USDCAD 
USDCAD has settled around 1.4060 on Friday, trading with a slight bearish bias after two days of losses. The pair peaked in the 1.4260 area earlier in the week and has switched into a corrective mode since then. As a result, the daily RSI turned negative from a bullish stance. The technical picture in the hourly charts has also deteriorated somehow as the prices got below the 200-SMA around 1.4080. The pair needs to regain the upside momentum and climb back above the 1.41 figure in order to trim the current downside risks and avoid deeper losses.

Tags: EURJPYEURUSDGBPUSDUSDCADUSDJPY
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Joseph Deen

Joseph Deen

Joseph is a technical analysis expert. A graduate of NYU, Joseph has a master's degree in mathematics. On FWNews, Joseph provides exchange rates reviews and forecasts.

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